The Manufacturers’ Outlook Report reveals a cautiously optimistic outlook for Canadian manufacturing in 2017
Vancouver, BC – February 15, 2017 – SYSPRO, a global provider of industry-built ERP software, today announced its sponsorship of the 2017 Manufacturers’ Outlook report. The annual report surveys leading Canadian manufacturing executives about their opinions and insights into the future of Canadian manufacturing, and their business intentions for the coming year. The report, commissioned by PLANT Magazine—a leading publication advancing Canadian manufacturing, was developed in partnership with Grant Thornton LLP and Machines Italia, in conjunction with the Italian Trade Commission.
The report highlights the top results from a national survey, conducted by Northstar Research Partners, a leading global full-service market research firm, of more than 500 Canadian manufacturing owners and senior executives. Results from the study were tabulated and discussed at a live industry roundtable that consisted of twelve industry subject matter experts including analysts, manufacturers and service providers, on October 27, 2016.
Several key findings from the 2017 Manufacturers’ Outlook report include:
- Business outlook: 55 percent of the survey respondents are cautiously optimistic about their business prospects in 2017. Additionally, over half expect to increase their orders and sales in the coming year.
- Growth: Business growth remains the critical emphasis for Canadian manufacturers in 2017. 45 percent of respondents plan to expand sales and distribution channels and/or introduce new products, and less than half intend to focus on opportunities within North America.
- Areas of investment: 60 percent plan to invest in training, machinery and equipment, or technology over the next three years.
- Productivity improvements: Productivity continues to be an on-going concern for manufacturing leaders. 42 percent continue to measure productivity through manual data collection, and more than a quarter of them are not measuring productivity metrics at all.
- Challenges: Pricing and costs top the list of business challenges for executives. 50 percent of respondents report challenges with increasing sales, economic conditions, and the value of the Canadian dollar.
- Changing concerns: New challenges such as the Industrial Internet of Things (IIoT) and cyber security are arising as major concerns for manufacturing leaders.
“Canadian manufacturers have a positive view of their prospects in 2017, despite disappointing economic conditions in 2016,” said Joe Terrett, editor of PLANT Magazine and moderator of the roundtable discussion. “However, the survey results indicate they face several challenges and their responses identify those areas that need attention. Opportunities beckon for those who focus on expanding their markets beyond Canada, investing in innovation, and taking advantage of technologies, such as the Industrial Internet of Things, to improve their productivity and competitiveness.”
“In retrospect, 2016 was its own benchmark year for Canadian manufacturers. With a fair amount of upheaval in the last half of the year with global events such as Brexit and the U.S. election, and their impacts on the global economy and undetermined near-future impacts on trade,” according to James Weir, Vice President of Sales for SYSPRO Canada. “Canadians should be very proud of our manufacturing excellence and demand for Canadian-made products around the world. We anticipate that Canadian manufacturers will experience great success in the coming year, and we are committed to continue supporting them in the opportunities that lie ahead.”
If you would like to read the full 2017 Manufacturers’ Outlook report, you can do so here: Full Article
SYSPRO is a global, independent provider of industry-built ERP software designed to simplify business complexity for manufacturers and distributors. Focused on delivering optimised performance and complete business visibility, the SYSPRO solution is highly scalable, and can be deployed on-premise, in the cloud, or accessed via a mobile device. SYSPRO’s strengths lie in a simplified approach to technology, expertise in a range of industries, and a commitment to future-proofing customer and partner success.
SYSPRO has more than 15,000 licensed companies in over 60 countries across six continents.